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Majdi
Majdi is a 43 year old man. He is a father for three sons and two daughters. He is a rickshaw driver, which is the only source of income for the family. Majdi is looking, in the future, to have a taxi to drive. Majdi wants to change his old rickshaw and purchase a new one in order to improve his work. A new rickshaw will allow him to work extra hours to increase his income. Majdi wants to take a loan from FATEN to enable him to pay for the new rickshaw. Taking this loan will enable Majdi to purchase the new rickshaw and improve his work. He will be able to increase his income, which will lead to changing his life positively and to create better living conditions for his family. Majdi is photographed next to his current rickshaw.


About this loan product:

FATEN offers loan products that are designed to serve borrowers all over Palestine, including some religiously conservative areas. A key tenet of Islam is the prohibition of interest in the lending or accepting of money. This prohibition is based on the belief that money should be seen only as a medium of exchange and that it has no value in itself. FATEN has adapted the terms of this loan to fit the cultural context by attaching a 0% interest rate to the loan. In order to cover its costs, FATEN does charge a servicing fee. The amount you see fundraising includes both the principal loan and the loan servicing fees. As with all Kiva loans, you should expect to have your funds returned to you in accordance with the repayment schedule attached to this loan. For more information on lending in the Muslim world, please visit Kiva's Muslim World Lending helptext: http://tinyurl.com/3aekx8m.

Additional Information

About FATEN

Palestinians face unique challenges due to the economic and political environment in the West Bank and Gaza. Click here to learn more about how Kiva and FATEN are working to help Palestinian borrowers overcome these obstacles and how your support can make a difference.

About Palestine

  • $2,900
    Average annual income
  • 54
    View loans »
    Palestine Loans Fundraising
  • $10,514,300
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped Majdi to change the old rickshaw with a new one.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 8, 2011
Listed
Jan 1, 2012
Currency Exchange Loss:
N/A
Ended:
Jan 16, 2013